Saturday, 25 May, 2024

Lowering Car Insurance for Low-Mileage Drivers


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Automotive giant Ford Motor Company is teaming up with Mile Auto, a next-gen insurtech innovator utilizing computer vision and decision analytics to offer an affordable car insurance option based on mileage to low-mileage drivers. Through Mile Auto’s technology-driven and privacy-centric pay-per-mile approach, Ford owners who drive under 10,000 miles per year could potentially save between 30% and 40%.

“At Ford, we are focused on ways to improve our drivers’ experiences through connectivity,” said Tim Meek, North America digital insurance manager for Ford Enterprise Connectivity. “Today, some of us are spending less time in our cars and keeping an even closer eye on ownership costs as a result. Our relationship with Mile Auto provides connected Ford customers with a better way to align their auto insurance expenses with actual usage and is part of Ford’s commitment to customer experience innovation through connectivity.”

Mile Auto is offering insurance that requires drivers to only pay for what they use. By leveraging onboard telematics data from current Ford models, Ford owners can choose to share mileage data with Mile Auto. Mile Auto does not require smartphones, mobile apps, or other hardware to take advantage of lower rates.

The agreement with Ford is the second key relationship Mile Auto has entered with leading automakers. In 2019, the company launched a program with Porsche Financial Services.

Mile Auto insurance is currently available in Arizona, Georgia, Illinois, and Oregon. The company expects to expand its coverage to 50% of the U.S. auto insurance market by the end of 2021.

Edited by Maryssa Gordon, Senior Editor, Price of Business Digital Network

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